Q2 2018 EPS Estimates for Symantec Corporation Decreased by Analyst (SYMC)
Symantec Corporation (NASDAQ:SYMC) – Analysts at Jefferies Group reduced their Q2 2018 earnings estimates for shares of Symantec Corporation in a research note issued to investors on Thursday. Jefferies Group analyst J. Difucci now forecasts that the technology company will post earnings per share of $0.17 for the quarter, down from their previous estimate of $0.18. Jefferies Group has a “Hold” rating and a $31.00 price target on the stock.
Symantec Corporation (NASDAQ:SYMC) last issued its quarterly earnings results on Wednesday, August 2nd. The technology company reported $0.15 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.12 by $0.03. Symantec Corporation had a positive return on equity of 10.73% and a negative net margin of 8.68%. The firm had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.20 billion. During the same period last year, the company earned $0.29 earnings per share. The company’s revenue for the quarter was up 38.9% on a year-over-year basis.
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Other analysts have also issued research reports about the company. Zacks Investment Research upgraded Symantec Corporation from a “strong sell” rating to a “buy” rating and set a $32.00 price objective for the company in a report on Tuesday, July 11th. Barclays PLC upgraded Symantec Corporation from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $34.00 to $38.00 in a report on Tuesday, May 30th. BidaskClub upgraded Symantec Corporation from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. Morgan Stanley restated an “overweight” rating and issued a $37.00 price objective on shares of Symantec Corporation in a report on Thursday, July 13th. Finally, Stifel Nicolaus restated a “hold” rating and issued a $29.00 price objective (up previously from $28.00) on shares of Symantec Corporation in a report on Thursday, May 11th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and thirteen have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $31.00.
Shares of Symantec Corporation (NASDAQ:SYMC) traded down 0.14% during midday trading on Monday, hitting $28.45. The company had a trading volume of 3,245,693 shares. The company’s market cap is $17.33 billion. Symantec Corporation has a 12 month low of $21.50 and a 12 month high of $33.22. The stock’s 50-day moving average price is $29.63 and its 200-day moving average price is $29.73.
Several large investors have recently modified their holdings of SYMC. Westpac Banking Corp boosted its stake in shares of Symantec Corporation by 69.2% in the first quarter. Westpac Banking Corp now owns 60,637 shares of the technology company’s stock valued at $1,115,000 after buying an additional 24,805 shares in the last quarter. Telemus Capital LLC raised its stake in Symantec Corporation by 14.7% in the first quarter. Telemus Capital LLC now owns 32,375 shares of the technology company’s stock worth $993,000 after buying an additional 4,155 shares during the last quarter. Kwmg LLC raised its stake in Symantec Corporation by 61.0% in the first quarter. Kwmg LLC now owns 56,378 shares of the technology company’s stock worth $1,730,000 after buying an additional 21,367 shares during the last quarter. Spirit of America Management Corp NY raised its stake in Symantec Corporation by 9.9% in the second quarter. Spirit of America Management Corp NY now owns 26,200 shares of the technology company’s stock worth $740,000 after buying an additional 2,350 shares during the last quarter. Finally, BNP Paribas Arbitrage SA raised its stake in Symantec Corporation by 76.5% in the first quarter. BNP Paribas Arbitrage SA now owns 513,068 shares of the technology company’s stock worth $15,741,000 after buying an additional 222,455 shares during the last quarter. Institutional investors and hedge funds own 93.82% of the company’s stock.
In other news, Director Anita M. Sands sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 17th. The stock was sold at an average price of $30.16, for a total transaction of $60,320.00. Following the completion of the sale, the director now owns 45,486 shares in the company, valued at $1,371,857.76. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Suzanne M. Vautrinot sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $28.45, for a total value of $71,125.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 188,943 shares of company stock valued at $5,766,330. Corporate insiders own 0.76% of the company’s stock.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 13th. Stockholders of record on Monday, August 21st will be issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date is Thursday, August 17th. Symantec Corporation’s dividend payout ratio is presently -49.18%.
Symantec Corporation Company Profile
Symantec Corporation is a United States-based cyber security company. The Company offers products under categories, such as threat protection, information protection, cyber security services and Website security. Under threat protection, it offers Advanced Threat Protection, Endpoint Protection, Endpoint Protection Cloud, IT Management Suite, Email Security.Cloud, Data Center Security and Cloud Workload Protection products.
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